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International Shipholding Corporation Reports Second Quarter 2011 Results

Stocks in this article: ISH

About International Shipholding

International Shipholding Corporation, through its subsidiaries, operates a diversified fleet of U.S. and foreign flag vessels that provide international and domestic maritime transportation services to commercial and governmental customers primarily under medium to long-term charters and contracts.

Caution concerning forward-looking statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements are based on assumptions and opinions concerning a variety of known and unknown risks. Please refer to ISH’s Annual Report on form 10-K for the year ended December 31, 2010 as well as its future filings and reports filed with or furnished to the Securities and Exchange Commission for a description of the business environment in which ISH operates and the important factors, risks and uncertainties that may affect its business and financial results. If any assumptions or opinions prove materially incorrect, any forward-looking statements made on that basis may also prove to be materially incorrect. ISH is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

     
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(All Amounts in Thousands Except Share Data)
(Unaudited)
 
Three Months Ended June 30,     Six Months ended June 30,
2011 2010 2011   2010
Revenues $ 69,961 $ 85,084 $ 134,295 $ 157,998
 
Operating Expenses:
Voyage Expenses 51,814 61,513 100,804 116,456
Vessel Depreciation 6,095 4,984 11,469 8,748
Administrative and General Expenses 5,455 5,415 11,284 11,434
Gain on Dry Bulk Transaction (130 ) - (18,844 ) -
Loss (Gain) on Sale of Other Assets   -     46     -     (75 )
 
Total Operating Expenses   63,234     71,958     104,713     136,563  
 
Operating Income   6,727     13,126     29,582     21,435  
 
Interest and Other:
Interest Expense 2,330 2,433 4,620 4,032
Derivative Loss (Income) 106 - (15 ) -
Gain on Sale of Investments (114 ) (16 ) (114 ) (16 )
Other Income from Vessel Financing (672 ) (590 ) (1,360 ) (1,194 )
Investment Income (185 ) (987 ) (385 ) (1,166 )
Foreign Exchange Loss   1,900     3,148     411     3,148  
  3,365     3,988     3,157     4,804  
 
Income Before Provision (Benefit) for Income Taxes and
Equity in Net (Loss) Income of Unconsolidated Entities   3,362     9,138     26,425     16,631  
 
Provision (Benefit) for Income Taxes:
Current 173 170 381 340
Deferred   -     (200 )   -     (965 )
  173     (30 )   381     (642 )
Equity in Net (Loss) Income of Unconsolidated
Entities (Net of Applicable Taxes)   (351 )   448     874     2,911  
 
Net Income $ 2,838   $ 9,616   $ 26,918   $ 20,184  
 
Basic and Diluted Earnings Per Common Share:
Basic Earnings Per Common Share: $ 0.39   $ 1.33   $ 3.72   $ 2.79  
 
Diluted Earnings Per Common Share: $ 0.39   $ 1.32   $ 3.70   $ 2.76  
 
Weighted Average Shares of Common Stock Outstanding:
Basic 7,228,252 7,242,126 7,230,530 7,245,642
Diluted 7,265,092 7,295,638 7,260,598 7,308,398
 
Dividends Per Share $ 0.375 $ 0.0375 $ 0.750 $ 0.875
 
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
    June 30,     December 31,
ASSETS 2011 2010
 
Current Assets:
Cash and Cash Equivalents $ 33,836 $ 24,158
Restricted Cash 6,549 -
Marketable Securities 8,494 11,527
Accounts Receivable, Net of Allowance for Doubtful Accounts
of $329 and $311 in 2011 and 2010: 21,715 16,474
Federal Income Taxes Receivable 168 242
Net Investment in Direct Financing Leases 5,935 5,596
Other Current Assets 583 2,513
Notes Receivable 4,248 4,248
Material and Supplies Inventory 4,338   3,774  
Total Current Assets 85,866   68,532  
 
Investment in Unconsolidated Entities 14,722   27,261  
 
Net Investment in Direct Financing Leases 47,052   50,102  
 
Vessels, Property, and Other Equipment, at Cost:
Vessels 498,059 365,797
Leasehold Improvements 26,128 26,128
Construction in Progress 11,901 78,355
Furniture and Equipment 9,370   7,863  
545,458 478,143
Less - Accumulated Depreciation (156,509 ) (143,667 )
388,949   334,476  
 
Other Assets:
Deferred Charges, Net of Accumulated Amortization 16,456 14,482
of $17,478 and $14,525 in 2011 and 2010, Respectively
Intangible Assets 4,507 -
Due from Related Parties 4,272 4,124
Notes Receivable 38,018 40,142
Other 4,914   5,004  
68,167   63,752  
 
TOTAL ASSETS $ 604,756   $ 544,123  
       
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED BALANCE SHEETS
(All Amounts in Thousands)
(Unaudited)
 
June 30, December 31,
2011 2010
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current Liabilities:
Current Maturities of Long-Term Debt $ 28,045 $ 21,324
Accounts Payable and Accrued Liabilities 26,139   32,114  
Total Current Liabilities 54,184   53,438  
 
Long-Term Debt, Less Current Maturities 231,186 200,241
 
Other Long-Term Liabilities:
Lease Incentive Obligation 6,921 7,022
Other 56,631   49,672  
 
TOTAL LIABILITIES 348,922   310,373  
 
Stockholders' Equity:
Common Stock 8,573 8,564
Additional Paid-In Capital 85,068 84,846
Retained Earnings 204,834 183,541
Treasury Stock (25,403 ) (25,403 )
Accumulated Other Comprehensive (Loss) (17,238 ) (17,798 )
TOTAL STOCKHOLDERS’ EQUITY 255,834   233,750  
 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 604,756   $ 544,123  
   
INTERNATIONAL SHIPHOLDING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(All Amounts in Thousands)
Six Months Ended June 30,
2011     2010
Cash Flows from Operating Activities:
Net Income $ 26,918 $ 20,184
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities:
Depreciation 11,961 9,040
Amortization of Deferred Charges and Other Assets 4,029 5,087
Deferred Benefit for Income Taxes - (965 )
Gain on Acquisition (18,844 ) -
Non-Cash Stock Based Compensation 1,006 1,399
Equity in Net Income of Unconsolidated Entities (874 ) (2,911 )
Distributions from Unconsolidated Entities 750 1,500
Gain on Sale of Assets - (75 )
Gain on Sale of Investments (114 ) (16 )
Loss on Foreign Currency Exchange 411 3,148
Changes in:
Deferred Drydocking Charges (4,359 ) (244 )
Accounts Receivable (4,817 ) (11,790 )
Inventories and Other Current Assets 1,816 505
Other Assets 89 (2 )
Accounts Payable and Accrued Liabilities (121 ) (1,002 )
Other Long-Term Liabilities   1,249     452  
Net Cash Provided by Operating Activities   19,100     24,310  
 
Cash Flows from Investing Activities:
Principal payments received under Direct Financing Leases 2,711 2,935
Capital Improvements to Vessels, Leasehold Improvements, and Other Assets (17,216 ) (72,642 )
Proceeds from Sale of Assets - 3,853
Purchase of Marketable Securities (85 ) (8,708 )
Proceeds from Sale of Marketable Securities 2,755 598
Investment in Unconsolidated Entities (1,796 ) (2,584 )
Acquisition of Unconsolidated Entity 7,092 -
Net Increase in Restricted Cash Account (6,549 ) -
Proceeds from Note Receivables   2,069     2,012  
Net Cash Used In Investing Activities   (11,019 )   (74,536 )
 
Cash Flows from Financing Activities:
Common Stock Repurchase - (5,231 )
Proceeds from Issuance of Debt 58,079 122,306
Repayment of Debt (49,378 ) (93,409 )
Additions to Deferred Financing Charges (1,479 ) (518 )
Common Stock Dividends Paid   (5,625 )   (6,575 )
Net Cash Provided by Financing Activities   1,597     16,573  
 
Net Increase in Cash and Cash Equivalents 9,678 (33,653 )
Cash and Cash Equivalents at Beginning of Period   24,158     47,468  
 
Cash and Cash Equivalents at End of Period $ 33,836   $ 13,815  




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